Interest free funds presumed to be used for interest free loans: ITAT

Assetz Infrastructure Pvt. Ltd. Vs DCIT (ITAT Bangalore) There is no dispute with regard to the fact that the interest free advances received from customers was available with the assessee to the tune of Rs.16.96 crores as noticed by Ld CIT(A) at page 28 of his order, i.e., Rs.14.22 crores under Schedule V and Rs.2.74 crores under Schedule X, both aggregating to Rs.16.96 crores. The interest free loans given to subsidiary companies stand at Rs.10.26 crores. Hence the assessee has contended that the interest free funds available with it has been used to make interest free loans to the subsidiar...